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GG Parkiet: Innovative economy? Not without a developed capital market


On 16th of January the government established the Innovation Council, led by Mateusz Morawiecki, the Development Minister, Deputy Prime Minister. The Innovation Council plans to support Polish economy with 16 billions euros. It’s unknown to the public how the plans will be implemented, but the fact is that the capital market condition will be playing a key role in this matter. Therefore, the Innovation Council plans should include actions that would increase stability of Warsaw Stock Exchange. Otherwise, private shareholders of innovative companies will seek exits abroad, where the capital market is more liquid and stable.


Cezary Smorszczewski’s opinion, below the article:
“Our stock exchange withstood the Russian crisis, it even withstood the collapse of Lehmans Brothers, but it wasn’t able to – and still isn’t – to withstand our decision makers. The progressive winding-up of private pensions funds (OFE) left us far behind other European stock exchanges. Now another blow has been dealt to GPW in the form of new sector taxes. Without going into the rationale behind these changes, it is self-evident that the stock exchange is far from being as stable as it was a few years ago. Unpredictability means, firstly, lower confidence and, secondly, that companies will be less willing to raise capital on the stock exchange. Against this background the financing provided by private equity/venture capital funds is much more reliable. Another important thing is that innovative projects  in early stages need something more than just money. What they really need is managerial experience and know-how. Also, funds can provide more than one financing round, which may be more difficult to get on the stock exchange. During later stages of development, all parties may be more interested in IPO and public listing. As for cooperation between the private and public sectors I believe that such moves as the additional capitalization of the ARP Venture fund, National Centre for Research and Development and the National Capital Fund as well as their cooperation with PE/VC funds are a good idea and the right way forward.”

Link to the article


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